Ravi Shankar Prasad introduces international arbitration centre bill in LS


Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print
PTI

New Delhi, 03 Jul: A bill to set up an independent and autonomous regime for institutionalised domestic and international arbitration was introduced in Lok Sabha on Wednesday.

 

The New Delhi International Arbitration Centre (NDIAC) Bill, 2019, seeks to replace an ordinance issued in March this year by the previous government. It provides for setting up of an independent and autonomous body for institutional arbitration and to acquire and transfer undertakings of the International Centre For Alternative Dispute Resolution (ICADR) to the New Delhi International Arbitration Centre (NDIAC) with effect from March 2 this year.

 

Opposing the introduction of the Bill, Congress member Shashi Tharoor said the arbitration body should be autonomous and independent of government as several public sector undertaking will be a party to it.

 

Tharoor also urged the minister to withdraw the bill and come with a stronger bill. Law Minister Ravi Shankar Prasad, who moved the bill, said the existing arbitration body has resolved 55 cases in 25 years.

 

He said the government was keen to see India emerge as an international arbitration hub. Seeking to assuage concerns over the bill, Prasad said he will respond to all concerns when replying to the debate when the draft law comes up for passage.

 

The proposed New Delhi International Arbitration Centre will be headed by a chairperson, who has been a judge of the Supreme Court or a judge of a high court or an eminent person, having special knowledge and experience in the conduct or administration of arbitration.

 

 

Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment   You have characters left.
Security Validation
Enter the characters in the image above
    
Disclaimer: Kindly do not post any abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful material or SPAM. BelleVision.com reserves the right to block/ remove without notice any content received from users.
Suvad April 2019
Elwin ArcadeElwin Arcade

Main Rd, Moodubelle

VEEZ Konkani
Maria Tours & Travels

Sunshine PrideSunshine Pride
Uzvaad FortnightlyUzvaad Fortnightly

Call : 91 9482810148

Your ad Here
Power Care
Nissi Infinity
Ryan Intl Mangaluru
Syndicate Bank
Ryan International
Arso
Mandavi AcropolisMandavi Acropolis
pearl printing
samuelsequeira.com
Anil Studio
Bellevision Cute Kid Contest
Omintec
Udupi Today